Credit agricole is reshaping its structure by selling back the stakes it holds in the 39 regional banks from which it was created to form a special company owned by those lenders. The manoeuvre will release capital and helps ease concerns about its balance sheet strength. Analysts welcomed the move, which would raise an estimated €17bn from selling the holdings of an average 25% in the local French banks, as it would simplify the group and allow it to boost its potential dividend payments too. "It would be a major step and could significantly lower the complexity of CASA's corporate structure as well as improving its capital position," said Piers Brown, analyst at Macquarie Capital. "The company has indicated it would move to full cash dividends in 2016 if the transaction proceeds."
展开▼
